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    Norway Economy - 1991

      Overview: Norway is a prosperous capitalist nation with the resources to finance extensive welfare measures. Since 1975 exploitation of large crude oil and natural gas reserves has helped maintain high growth; for the past five years growth has averaged 4.1%, the fourth-highest among OECD countries. Growth slackened in 1987-88 partially because of the sharp drop in world oil prices, but picked up again in 1989. The Brundtland government plans to push hard on environmental issues, as well as cutting unemployment, improving child care, upgrading major industries, and negotiating an EC - European Free Trade Association (EFTA) agreement on an Economic European Area.

      GDP: $74.2 billion, per capita $17,400; real growth rate 3.1% (1990)

      Inflation rate (consumer prices): 4.1% (1990)

      Unemployment rate: 5.2% (1990, excluding people in job-training programs)

      Budget: revenues $47.9 billion; expenditures $48.7 billion, including capital expenditures of $NA (1990)

      Exports: $33.8 billion (f.o.b., 1990); commodities--petroleum and petroleum products 25%, natural gas 11%, fish 7%, aluminum 6%, ships 3.5%, pulp and paper; partners--EC 64.9%, Nordic countries 19.5%, developing countries 6.9%, US 6.2%, Japan 1.7% (1990)

      Imports: $26.8 billion (c.i.f., 1990); commodities--machinery, fuels and lubricants, transportation equipment, chemicals, foodstuffs, clothing, ships; partners--EC 46.3%, Nordic countries 25.7%, developing countries 14.3%, US 8.1%, Japan 4.7% (1990)

      External debt: $15 billion (December 1990)

      Industrial production: growth rate 3.6% (1990)

      Electricity: 26,735,000 kW capacity; 121,685 million kWh produced, 28,950 kWh per capita (1989)

      Industries: petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing

      Agriculture: accounts for 2.8% of GNP and 6.4% of labor force; among world's top 10 fishing nations; livestock output exceeds value of crops; over half of food needs imported; fish catch of 1.76 million metric tons in 1989

      Economic aid: donor--ODA and OOF commitments (1970-89), $4.4 billion

      Currency: Norwegian krone (plural--kroner); 1 Norwegian krone (NKr) = 100 ore

      Exchange rates: Norwegian kroner (NKr) per US$1--5.9060 (January 1991), 6.2597 (1990), 6.9045 (1989), 6.5170 (1988), 6.7375 (1987), 7.3947 (1986), 8.5972 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Norway on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Norway Economy 1991 information contained here. All suggestions for corrections of any errors about Norway Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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